By Staff Writer
BARCLAYS Bank Tanzania has started a one week training to its 100 Corporate Clients on risk management, deliverance, foreign exchanges rates, corporate cash flow and their understanding on local and international market with the aims of empowering them to protect their business when there is fluctuation of the shilling against dollar in the market.
Speaking
to reporters in a news conference yesterday in Dar es Salaam, Head of Trading
and Treasury Execution, Idd Davis said that the bank’s will conducted a one
week training to corporate customers to make them understandings the market and
protect their business.
He
said that the training will support a client in managing the risks associated
with foreign exchange hullabaloo and interest rate volatility and to provide
them with sustainable solution in their businesses.
“the
training will be very useful to them because it will make them understands the
local and international market and expands the knowledge on how to mitigate the
risk in the course of business,” he said
Davis
added that the seminar is also looking forward at inculcating the culture of
understanding the movements of exchange rates and how to deal with them without
discouraging their business.
He
said that the training will also touch on the recent fluctuation of the dollar
against the shilling and how business people can cope and control the situation
at the local level without disturbing the business and cash flows.
“Trading
and treasury department always support clients with the structuring and
execution of tailor made solutions, post trade support and analyzing the
existing positions,” he added
On
his part, the facilitator of Training, Peter Skerritt from South Africa said
that the growing trend of pricing goods and services for Tanzanians in US
dollars its affects the country’s economy and consumers in the country.
He
stated that ’dollarisation’ of the local economy had contributed heavily to the
steady weakening of the shilling in the financial market affects business
people and local citizens.
A
facilitator at the event, a South African based derivatives and financial risk
specialist said that Barclays always conducted training to its clients in East
and Central Africa and build their capacity on the international financial
markets.
He
added that Tanzanians should push for increased production of goods and
services for export, to earn more foreign currency and subsequently strengthen
the shilling.
Skerritt
underscored that the East African Community through its ambitious to have a
single currency in the region will stabilize the shillings in both member
states and fostering social and economic development.
Barclays
Bank has 11 branches in Dar es Salaam alone and a network of 44 automated
teller machines plus 11 more branches countrywide.
Ends
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